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 The Pyramid Building Society , founded in Geelong in 1959,  collapsed in 1990, leaving debts of AU$1.3 billion to over 200,000 depositors,  and causing the Geelong economy to stagnate.  On 18 May 1993, the City of Greater Geelong was formed by the amalgamation of a number of smaller municipalities with the former City of Geelong.  The Waterfront Geelong redevelopment, started in 1994, was designed to enhance use and appreciation of Corio Bay  and in 1995 the Barwon River overflowed in the worst flood since 1952.  Redeveloped Waterfront Geelong (Steampacket Quay) In 2004, Avalon Airport was upgraded to accommodate interstate passenger travel, providing a base for the low-cost airline Jetstar to serve the Melbourne and Geelong urban areas.  Geelong is planned to expand towards the south coast, with 2,500 hectares of land to become a major suburban development for 55,000 to 65,000 people, known as Armstrong Creek.  In 2006, construction began on the Geelong Ring Road , designed to replace the Princes Highway through Geelong from Corio to Waurn Ponds. It opened in 2009. More than AU$ 500-million-worth of major construction was under way in 2007.  Major projects include the $150-million Westfield Geelong expansion works, involving a flyover of Yarra Street, the city’s first Big W store, and an additional 70 new speciality stores; the $37-million Deakin Waterfront campus redevelopment, and the $23-million Deakin Medical School; the $50-million Edgewater apartment development on the waterfront; a number of multimillion-dollar office developments in the CBD; and a new $30-million aquatic centre in Waurn Ponds.  Major developments within Geelong are advocated by the region’s formal alliance, G21 Geelong Region Alliance . The City of Greater Geelong and four other local municipalities form part of the alliance which identifies the Geelong region’s priorities, and advocates all levels of government for funding and implement the projects.